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Financial Management and Mental Health

The Coronavirus has hit everyone differently. Some have lost loved ones, others their jobs, and many all over the world, irrespective of gender, race, stature, or sexual proclivity, are having to deal with reduced income. Struggling to make simple ends meet has become a way of life for millions of people worldwide. Financial stress, if unchecked, can lead to more serious conditions such as anxiety and depression.

In this blog, we’re going to offer some tips on how to save money in a time when living expenses are on the rise on virtually a weekly basis. Putting in some effort to manage your finances will alleviate the stress in the long run.

For those readers that may already in a fiscally taxing situation, you can speak to your banker or if the stress is leading to other psychological issues such as insomnia, anxiety, or depression, speak to a qualified counsellor who will equip you with the tools to deal with the tension and worry. Counsellors will also be able to help you identify your stressors, so that you can work through them.

Another way to save money is to make a shopping list and stick to it. It may sound ludicrous in the modern days in which we live, but it is extremely beneficial. Most stores advertise their weekly specials online, so keep an eye out for offers and make a note of prices at different stores. It takes some time, but it can make extra money available to use for other expenses. Look for bulk offers on non-perishables, which you can store for yourself or even split such offers with your neighbours. That way, neither of you will have to visit the stores as often, keeping you safe. After all, staying home helps curb the spread of Covid-19.

Draw up a budget. Again, it may seem like an archaic idea, but without a visual account of income and expenditure, it becomes easy to overspend. Use your monthly financial plan to keep you on track and ensure that you allocate some money to savings. Try to settle smaller debts with higher interest rates first.

It’s important to save for retirement too because having financial stress in your golden years will be detrimental to your health. There are many options available, with investment in cryptocurrency fast gaining popularity. One thing to bear in mind though, is that cryptocurrency is untraceable, so do your due diligence before investing. The adage if it seems too good to be true, it probably is always rings true, especially in cases of investments with high returns.

Many people are embarrassed to admit that they may be in financial peril, but If your financial situation is causing you or your family mental strain, rest assured that help is available. At Bristol Counselling and Psychotherapy we offer counselling in Bristol. There is no need to feel ashamed; in fact, you can be proud of yourself for taking the first step to financial freedom and getting your mental wellness back on track.

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